Automotive supplier Metair expects headline earnings per share to more than double in the six months to June compared with the first half of 2016. This is mainly due to a better performance by its automotive components business. But profit from the group’s energy storage division, which makes batteries for vehicles and other sectors, is expected to be marginally lower due to the effect of currency weakness on foreign-denominated earnings. Metair said headline earnings per share were expected to be 105.6% to 114.8% higher than the 54c in the first half of 2016. In the first half of 2016, the automotive components business experienced a costly vehicle model launch, which was fraught with technical issues. But Metair said all its automotive components businesses were now operating efficiently, having eliminated variable manufacturing and volume ramp-up costs associated with the launch of a new light commercial vehicle by its major customer. "The jump in earnings reflects the profit rec...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now